Clare Byrne

Well, here to explain how this could impact you is Managing Director of Rockwell Finance, Robert Whelan.

Good morning, Robert.

Good morning, Clare.

The great wealth transfer, you call it.

So older people have loads of money in the attic.

And how do they manage it?

Yeah.

And see, that's the other thing about this.

People are living longer.

So, you know, you might see your parents with an asset, but your parents could be hale and healthy well into their 90s.

Absolutely.

And you could be, you know, tipping 70.

And you haven't got your hands on the cash yet.

Releasing equity in your home, which can be an expensive option.

But you also have to be careful with that because you don't want to put your own financial security at risk to help the children out because there's no point in doing that.

Of course, there's huge tax implications involved in this as well, right?

Remind us about that, about inheritance tax.

So they may have to sell that house to pay the bill.

But you can gift three grand a year, can't you?

And does that affect your overall, your 400,000 allowance?